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FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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A B с 1 Formula: Multiply, Divide; Cell Referencing Warranty contract term Number of warranty contracts sold Selling price of each warranty contract Warranty servicing costs D 2 3 BE13.14-Using Excel to Record Warranty Transactions 4 PROBLEM 5 Leppard Corporation sells DVD players. The corporation also offers its 6 customers a warranty contract. The following information pertains to 7 warranty activity during 2020. 8 9 10 11 12 13 14 Assume the service costs are inventory costs. 15 16 17 18 19 20 21 22 23 24 25 E 4 years 20,000 99 $ $ 180,000 F G H I (a) Student Work Area Required: Provide input into cells shaded in yellow in this template. Use cell references to the Problem area, with mathematical formulas to calculate any amounts not given. Prepare Leppard's journal entries for the following: (b) K (c) L (a) (b) (c) The sale of contracts The cost of servicing the warranties contracts The recognition of warranty revenue M Debit Credit N 0 P
Transcribed Image Text:A B с 1 Formula: Multiply, Divide; Cell Referencing Warranty contract term Number of warranty contracts sold Selling price of each warranty contract Warranty servicing costs D 2 3 BE13.14-Using Excel to Record Warranty Transactions 4 PROBLEM 5 Leppard Corporation sells DVD players. The corporation also offers its 6 customers a warranty contract. The following information pertains to 7 warranty activity during 2020. 8 9 10 11 12 13 14 Assume the service costs are inventory costs. 15 16 17 18 19 20 21 22 23 24 25 E 4 years 20,000 99 $ $ 180,000 F G H I (a) Student Work Area Required: Provide input into cells shaded in yellow in this template. Use cell references to the Problem area, with mathematical formulas to calculate any amounts not given. Prepare Leppard's journal entries for the following: (b) K (c) L (a) (b) (c) The sale of contracts The cost of servicing the warranties contracts The recognition of warranty revenue M Debit Credit N 0 P
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